Hunt v. NationsCredit Financial Services Corp.
Alabama Court of Civil Appeals
902 So. 2d 75 (2003)
Robert C. Rice loaned money to Marie Hunt (plaintiff). The loan was supposed to be for $35,000, which Hunt agreed to repay by executing a promissory note promising to repay the $35,000 by May 2001 plus interest. As security for the loan, Hunt gave Rice a mortgage on certain residential real property. Rice subsequently assigned the mortgage and the note to NationsCredit Financial Services Corporation (NationsCredit) (defendant). May 2001 passed, and Hunt had not fully repaid the note. Accordingly, NationsCredit declared Hunt to be in default, foreclosed on the residential real property, and sold the property to a third party for $28,000. Hunt sued NationsCredit for an accounting of the loan and sought a judgment declaring that the foreclosure sale was invalid. Hunt alleged that Rice had only loaned her $23,354.87, not $35,000, and that she repaid all the money she received. NationsCredit put forth evidence to establish that it was a holder in due course of the note. Nevertheless, Hunt asserted the defenses of partial failure of consideration and lack of mutual assent as to the amount of the loan. NationsCredit moved for summary judgment, which the trial court granted. Hunt appealed.
Rule of Law
Holding and Reasoning (Crawley, J.)
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